4800 West 92nd Avenue Westminster, CO 80031

City Government

 

5. Deposits And Investment Of Funds

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CHAPTER 5

DEPOSITS AND INVESTMENTS OF CITY FUNDS

1-5-1:  DEPOSITS
1-5-2: INVESTMENTS

1-5-1:  DEPOSITS:  (1699) The City Council shall designate depositories for City funds and shall provide for the regular deposit of all City monies.  Said depositories and deposits shall be as permitted and authorized by State statute.  Personal surety bonds shall not be deemed proper security for City deposits. 

1-5-2: INVESTMENTS:  (Charter 1699) Monies remaining in any fund, may, in the discretion of the Finance Director, be invested in one (1) or more of the securities permitted by the statutes of Colorado governing investment of State of Colorado public funds.  Interest on such investments shall be credited to the fund to which the invested money belongs, if such can be determined, otherwise to the general fund of the City.  City monies may be invested with institutions that do not qualify as public depositories for an amount no greater than the amount that is guaranteed by either the Federal Savings and Loan Insurance Corporation or the Federal Deposit Insurance Corporation.   

 

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